Based on 198 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added BFLY than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (99% of max)
99% of all-time peak
198 hedge funds hold BFLY right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶
Steady growth — +18% more funds vs a year ago
fund count last 6Q
+30 new funds entered over the past year (+18% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction. The peak was reached in just 2 quarters from the low — a sharp move.
🟢
More buyers than sellers — 67% buying
120 buying59 selling
Last quarter: 120 funds were net buyers (47 opened a brand new position + 73 added to an existing one). Only 59 were sellers (42 trimmed + 17 sold completely). A clear majority buying is a strong confirmation signal.
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More new buyers each quarter (+13 vs last Q)
new funds entering per quarter
Funds opening a new BFLY position: 56 → 35 → 34 → 47. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒
51% of holders stayed for 2+ years
■ 51% conviction (2yr+)
■ 26% medium
■ 24% new
100 out of 198 hedge funds have held BFLY for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰
Value +154% but shares only +24% — price-driven
Last quarter: the total dollar value of institutional holdings rose +154%, but actual share count only changed +24%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
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Steady discovery — ~47 new funds/quarter
48 → 56 → 35 → 34 → 47 new funds/Q
New funds entering each quarter: 56 → 35 → 34 → 47. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Deep conviction — 61% of holders stayed 2+ years
■ 61% veterans
■ 12% 1-2yr
■ 28% new
Of 208 current holders: 126 (61%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅
Strong quality — 34% AUM from major funds
34% from top-100 AUM funds
32 of 198 holders rank in the top 100 by AUM, accounting for 34% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.